From USDA | March 19, 2021
Spot quotations were virtually unchanged from the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, and uniformity 81.0-81.9) in the seven designated markets averaged 81.98 cents per pound for the week ending Thursday, March 18, 2021.
The weekly average was up from 81.96 cents last week and from 52.58 reported the corresponding period a year ago. Daily average quotations ranged from a high of 82.74 cents Friday, March 12 to a low of 80.84 cents Thursday, March 18. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended March 18 totaled 10,674 bales. This compares to 30,780 reported last week and 18,593 spot transactions reported the corresponding week a year ago.
Total spot transactions for the season were 1,300,754 bales compared to 1,374,070 bales the corresponding week a year ago. The ICE May settlement price ended the week at 85.45 cents, compared to 88.35 cents last week.
USDA ANNOUNCES SPECIAL IMPORT QUOTA #22 FOR UPLAND COTTON March 18, 2021
The Department of Agriculture’s Commodity Credit Corporation announced a special import quota for upland cotton that permits importation of a quantity of upland cotton equal to one week’s domestic mill use. The quota will be established on March 25, 2021, allowing importation of 8,408,469 kilograms (38,619 bales of 480-lbs) of upland cotton.
Quota number 22 will be established as of March 25, 2021 and will apply to upland cotton purchased not later than June 22, 2021 and entered into the U.S. not later than September 20, 2021. The quota is equivalent to one week’s consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period November 2020 through January 2021, the most recent three months for which data are available.
Future quotas, in addition to the quantity announced, will be established if price conditions warrant.
Full Report: https://agfax.com/2021/03/19/weekly-cotton-market-review-usda-293/
(Source: Agfax.com)